Australian Federal Budget 2020-217 Oct 2020
We’ve summarised the key points and important information you need to know from this year’s Federal Budget.
Victorian Business Growth Fund announces first investment
The $250 million Victorian Business Growth Fund (VBGF) – a partnership between First State Super and the Victorian Government - has made its first investment to help deliver business growth, more jobs and stimulate the local Victorian economy.
Salary sacrifice and super guarantee changes
From 1 January 2020, salary sacrificed super contributions will no longer be considered part of super guarantee (SG) contributions from employers.
- Strong long-term returns: The First State Super Growth option as sourced from the Super Ratings Fund Crediting Rate Survey for the Super Ratings SR50 Balanced (60-76) for a rolling 10-year return to 31 May 2020 was 7.77%. This is compared to the SR50 Balanced (60-76) Index Returns for a rolling 10-year return to 31 May 2020 of 7.13%. The SR 50 is a index of 50 super funds whereby each fund is assessed on criteria such as their rates of return and allocation of assets to growth assets between 60 -76 percent of the investment.
- Low fees: The total annual fee (inclusive of admin and investment fees) for our Growth option is 1.10% p.a., the industry average is 1.43% p.a., Chant West Super Fund Fee Survey, March 2020, based on a $50,000 balance in a Growth option given the circumstances has been approved previously and would be the most recent available.